Hudson Global Inc. (NASDAQ: HSON) reported a 5.5% year-over-year decline in fourth-quarter revenue to a total of $43.6 million. While their European operations saw an increase, their other regions were not as lucky. CEO Jeff Eberwein cited a slowdown in the U.S. tech sector, as well as lower hiring volumes in China due to Covid, as reasons why.
The Old Greenwich, Connecticut-based firm was also hit by an error related to the accounting treatment of a discretionary bonus payment on behalf of a customer, leading them to issue new financial statements for the three- and six-month periods ending June 30, 2022 and the nine-month period ending Sept. 30, 2022.
As of 1:45 p.m. Eastern time, Hudson Global’s share price experienced a 3.44% dip to $21.92. Despite this, their stocks remain 6.87% above their 52-week low of $20.51. All things said, the company has a market cap of $63.4 million.